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Will Gold Continue The Downtrend?

On the hourly chart, Gold was consolidating within a rising
wedge which gives a signal of a bearish trend. We can see that the pair broke
out from the support trend line of the rising wedge and might continue its
downtrend for a while. According to the stochastic oscillator also the
downtrend should continue as the signal trend line is above the average trend
line in the oscillator. The nearest support the pair will test is at 1363.74
and if the pair breaks below this level the next support the pair would find at
1356.93. Gold will definitely show some significant move after the US Retail
Sales data and Unemployment data. It might also rise up if the data misses the
expectations.